ADA Price Analysis: What’s Next for ADA? IOG Submits Proposal To Upgrade Cardano Mainnet in Valentine Hard Fork

*Cardano (ADA) is down 1.86% in the last 24 hours at $0.359.
*Cardano builder Input Output Global (IOG) says an update proposal has been submitted to upgrade Cardano mainnet to protocol v8
*The Valentine upgrade will bring new cryptographic primitives to Cardano

Cardano (ADA) is down 1.86% in the last 24 hours at $0.359. In collaboration with Cardano Foundation and Emurgo, Cardano builder Input Output Global (IOG) says an update proposal has been submitted to upgrade the Cardano mainnet to protocol v8, which will take effect on Tuesday, February 14, 2023, at 21:44:51 UTC. The Valentine upgrade will bring new cryptographic primitives to Cardano, encouraging greater interoperability and secure cross-chain DApp development with Plutus. Algorithm (EdDSA) with elliptic curve Curve25519 as its base curve (aka. Ed25519). To ensure interoperability between blockchains, and to make it easier for developers to build cross-chain decentralized applications (DApps), Input-Output Global (IOG) is adding new built-in functions to Plutus. These will support ECDSA and Schnorr signatures allowing developers to use a wider range of multi-signature or threshold signature designs natively on Cardano.

Key Levels
Resistance Levels: $0.500, $0.450, $0.400
Support Levels: $0.350, $0.300, $0.275

ADA/USD Daily Chart: Ranging

ADA/USD Daily Chart

Indicating a price retracement, ADA/USD has moved away from the psychological $0.4000 barrier and continues to decline at the critical level of $0.3900. The pair has moved back toward a trading range that had been present for more than a month. The near-term oscillators are mirroring the escalating bearish momentum on the daily chart.

The price might move below the moving average, and the relative strength index (RSI) is in negative territory (MA 50). Furthermore, the pair’s price movement is moving farther downward due to the RSI’s continued negative charge. A recovery higher is possible because sellers may find it challenging to break through an early stronger support level at $0.3500.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

ADA/USD has been stabilizing for a while on the lower time frame after falling below the 4-hour moving average (MA 200). But now that the pair seeks to stabilize, it is trading sideways, with near-term risks also pointing in that direction. On the other hand, bearish movements can push the price below the crucial $0.3500 mark.

The momentum indications reflect a bearish tone. The relative strength index (RSI) may attempt to stay under the oversold mark of 30 following a failed rally, as the 4-hour moving average (MA 200) attempts to sideways. If buying pressure picks up again in ADA/USD, initial resistance can be located close to the psychological level of $0.4000.

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